By Ian Harrison

ISBN-10: 0340973595

ISBN-13: 9780340973592

Complex Accounting for A2 has been written particularly to aid scholars, who've already been brought to Accounting, to appreciate absolutely the intricacies of this complicated topic. it truly is damaged down into possible devices, every one explaining an issue basically utilizing obtainable language and together with interspersed inquiries to motivate scholars to use what they've got learnt. Illustrations and diagrams are used all through to aid factors. each one unit is rounded up with a sequence of workouts and exam-style questions making sure that scholars get lots of perform within the parts during which they have to be knowledgeable to move the A2 examination.

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Sample text

Their financial year-end is 31 December. They admit Carolyn as a partner on 1 July 20*9. They all agree that Adele, Gloria and Carolyn will share profits 3:2:1 respectively. The profit for the year ended 31 December 20*9 was £40,000. The profit accrued evenly throughout the year. Required Prepare extracts from the income statements for the year ended 31 December 20*9. Answer Remember that we are dealing with two businesses: Up to 30 June 20*9 Owners were Adele and Gloria From 1 July 20*9 Owners are Adele, Gloria and Carolyn So: Adele and Gloria Income statement extract for the six months ended 30 June 20*9 £ £ Net profit 20,000 Profit share – Adele (10,000) (20,000) Profit share – Gloria (10,000) Adele, Gloria and Carolyn Income statement extract for the six months ended 31 December 20*9 £ £ Net profit 20,000 Profit share – Adele (10,000) Profit share – Gloria ( 6,667) (20,000) Profit share – Carolyn ( 3,333) Note that the profit share has been rounded.

Partnership accounts 45 INTEREST ON DRAWINGS Some partnership agreements provide that partners will be charged interest on any drawings made during the financial year. This is supposed to deter partners from drawing cash from the business in the early part of the financial year. We say ‘supposed’ since, if a partner needs to draw cash from the business, an interest charge is hardly likely to deter him or her. WORKED EXAMPLE The partnership agreement of Arbuthnot and Brennan provides that interest be charged on drawings, at 5% per annum.

Partnership accounts 53 Additional information The profit for the year ended 30 November 20*9 was £37,951. Gray Capital account balance at 1 December 20*8 Pink £ £ 30,000 70,000 171 298 Interest on drawings Required Prepare an extract from the income statement for the year ended 30 November 20*9. QUESTION 18 Hunter and Carrier are in partnership. Their net profit for the year ended 31 December 20*9 was £5,195. Their partnership agreement provides that Hunter be credited with a partnership salary of £1,500; that partners be credited with interest on capital of 7% per annum on fixed capital account balances; that interest be charged on drawings; and that residual profits or losses be shared in the ratio 3:2 respectively.

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Advanced Accounting for A2 (2nd Edition) by Ian Harrison


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